JUST IN: First Republic Bank is being saved by 11 of its rivals, including J.P.Morgan, Bank of America, Citigroup and Wells Fargo.
A customer exits a First Republic Bank branch in Manhattan Beach, Calif., on March 13, 2023. The midsized lender was rescued by a group of top banks after suffering an exodus of depositors following the collapse of two U.S. banks.Patrick T. Fallon/AFP via Getty Images
Bank of America, Citigroup, J.P. Morgan Chase, and Wells Fargo will deposit $5 billion each. Goldman Sachs and Morgan Stanley will deposit $2.5 billion each. An additional $5 billion will come from five other lenders. In a separate statement, Secretary of the Treasury Janet Yellen, Federal Reserve Board Chair Jerome Powell, FDIC Chairman Martin Gruenberg and Acting Comptroller of the Currency Michael Hsu praised the banks' decision.
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